business

Corporate tax plans will scare off global investors, US firms warn

American Chamber of Commerce has called for the government to urgently refine new corporate tax rules that it says could double taxation for US multinationals

Paschal Donohoe, the then finance minister, signed up to Pillar 2 of the international agreement on corporate tax in October 2021. Picture: Julien Behal

The government’s plan to implement new global corporate tax rules could lead to double taxation for US multinationals and undermine the country’s ability to attract foreign direct investment, a powerful lobby group has warned.

The American Chamber of Commerce, which includes senior Irish executives from Pfizer, Google and Microsoft, has called for the government to urgently refine its plan.

Documents show that global giants, industry groups and tax experts have warned the state of a ...